§ 11-56-101. Short Title
This article shall be known and may be cited as the “Public Securities Refunding Act”. Source: L. 77: Entire article added, p. 582, § 1, effective July 1.
§ 11-56-102. Legislative Declaration – Applicability
The general assembly hereby declares that the orderly refunding of any revenue obligation or any general obligation bond and any other lawful general obligation indebtedness by any public body of the state, as defined in section 11-56-103 (7), when advantageous to the public body or persons within the public body, will serve a public use […]
§ 11-56-103. Definitions
As used in this article, unless the context otherwise requires: “Escrow supplement” means any funds or moneys (other than bond proceeds) of a public body, legally available for the purpose, which are placed in an escrow or trust account established under the provisions of this article to be used and expended, together with the proceeds […]
§ 11-56-104. Purpose of Refunding
A refunding of outstanding obligations of a public body may be accomplished pursuant to this article by the issuance of bonds for refunding, paying, and discharging all or any part of such outstanding obligations, including a portion of one or more issues of such obligations and including any interest thereon in arrears or about to […]
§ 11-56-104.5. Disclosures by Underwriters of Financial Matters Related to Refunding
Whenever an underwriter proposes to refund the bonds of any public body, and competitive proposals have not been requested, the underwriter shall, simultaneously with the submission of the proposal, disclose, in writing, to the governing body of the public body, the entire income, from all sources, which he anticipates receiving if his proposal is accepted, […]
§ 11-56-105. General Provisions – Limitations
Any revenue obligations or general obligations issued or incurred by any public body may be refunded without an election by the public body issuing or incurring the same or any successor thereof, except as otherwise provided by this section, in the name of the public body which issued or incurred the obligation or indebtedness being […]
§ 11-56-106. Refunding With Bonds of Another Type
Subject to the provisions of subsections (2), (3), and (4) of this section, nothing contained in this article shall be construed as authorizing a public body to issue any obligations constituting a debt or indebtedness for the purpose of refunding obligations which do not constitute debt or indebtedness. Any revenue obligations of a public body […]
§ 11-56-107. Bond Provisions
The sum of the principal amount of any refunding revenue bonds may exceed the principal amount of the revenue obligations to be refunded thereby by such amount as is useful to effect the refunding if the sum of the aggregate principal and net interest cost of the refunding revenue bonds for the period ending on […]
§ 11-56-108. Application of Bond Proceeds – Procedures – Limitations
The proceeds derived from the issuance of refunding bonds under the provisions of this article, together with other legally available funds, if any, of the public body, shall either be immediately applied to the payment or redemption and retirement of the obligations to be refunded and the cost and expense incident to such procedures or […]
§ 11-56-109. Proceeds of Refunding Bonds in Escrow – Investment – Security – Amounts
Moneys placed in any escrow or trust shall not necessarily be limited to proceeds of refunding bonds but may include other moneys legally available for the purpose. Any moneys in escrow or trust, pending use for their intended purpose, may be invested or reinvested only in securities meeting the investment requirements established in part 6 […]
§ 11-56-110. Sources of Payment – Limitations
Refunding bonds, other than special obligation refunding bonds, may be made payable from, and the governing body may pledge to the payment of such refunding bonds, any tax, or any income or revenue of the public body from any source, or both such taxes and such income or revenue, which could have been legally pledged […]
§ 11-56-111. Combination of Refunding Bonds and Other Bonds – Limitations
Any refunding bonds and bonds for any other purpose authorized by any other law may, in the discretion of the governing body, be issued separately or in combination in one or more series by the public body, subject, however, to the same limitations provided in section 11-56-105 (3) for combined refunding of two or more […]
§ 11-56-112. Special Obligation Refunding Bonds
In addition to and in combination with the refunding bonds authorized by this article, the public body may concurrently issue special obligation refunding bonds, for the purpose of providing additional funds with which to accomplish the refunding of outstanding general obligations or outstanding revenue obligations. Such special obligation refunding bonds shall be payable solely from […]
§ 11-56-113. Tax Exemption – Exceptions
Except as otherwise provided in this article, all general obligation refunding bonds, refunding revenue bonds, and special obligation refunding bonds and the income therefrom shall be exempt from taxation, except inheritance, estate, and transfer taxes. Bonds issued pursuant to this article for the purpose of refunding outstanding obligations which were neither exempt from such taxation […]
§ 11-56-114. Conclusive Determination of Governing Body That Statutory Limitations Have Been Met
The determination of the governing body that the provisions and limitations, in this article and any other applicable law, imposed upon the issuance of any bonds under this article, have been met shall be conclusive in the absence of fraud or arbitrary and gross abuse of discretion. Source: L. 77: Entire article added, p. 592, […]
§ 11-56-115. Prior Obligations Not Impaired
Nothing in this article shall be construed in any manner so as to impair the obligations of any refunding bonds issued or any refunding transaction, consummated by a public body prior to the enactment of this article, or otherwise to invalidate any such bond, obligation, or refunding transaction. Source: L. 77: Entire article added, p. […]
§ 11-56-116. Construction of This Article
The powers conferred by this article are in addition and supplemental to and not in substitution for, and the limitations imposed by this article shall not directly or indirectly modify, limit, or affect, the powers conferred by any other law. Bonds may be issued under this article without regard to the provisions of any other […]
§ 11-56-117. Liberal Construction
This article shall be liberally construed so that the legislative intent may be fulfilled. Source: L. 77: Entire article added, p. 593, § 1, effective July 1.